Hong Kong set to allow corporate directors to obscure their identity

[NoobDummy2020]

From the FT:

"Under the proposed rules, the Hong Kong government would not require companies to reveal home addresses, passport or identification numbers of their directors on public registers. Without this information, directors could use different versions of their name in different languages on a range of documents and entities.

Companies can start implementing the changes immediately and the law will come into full effect by October 2022."

 

[Clip]

As HK doesn't need to play nice any more I'm confident there would be a lot of new rules to make HK a great place for privacy and bank secrecy again. Right not they stopped collaborating with US, UK, Canada and Australia authorities since last summer.

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[rainy]

Has it been caused by the fact that the US blacklisted some big bananas from Hong Kong?

 

[Jerry1911]

NoobDummy2020 said:
From the FT:

"Under the proposed rules, the Hong Kong government would not require companies to reveal home addresses, passport or identification numbers of their directors on public registers. Without this information, directors could use different versions of their name in different languages on a range of documents and entities.

Companies can start implementing the changes immediately and the law will come into full effect by October 2022."
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Finally some good news after all the OECD/AML bulls**t in the past few years.

 

[bibing]

Now let's hope they remove the audit requirement (at least if you have a small turnover)

 

[rainy]

the more fragmented the world gets, the better. Soon we might be able to bank or open companies in Iran.

 

[Clip]

bibing said:
Now let's hope they remove the audit requirement (at least if you have a small turnover)
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That's not a problem, you can get a good accountant that can do whatever you want

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[PiersBlack]

GiGoGo said:
That's not a problem, you can get a good accountant that can do whatever you want
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@GiGoGo where can regular people find such an accountant? There's so many providers in HK that it's difficult to spot the good ones.

 

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PiersBlack said:
@GiGoGo where can regular people find such an accountant? There's so many providers in HK that it's difficult to spot the good ones.
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If you talk to the ones that speak English, you are not going to find any luck as they would be expensive and want to do everything adjusted to law.
You need to find a dirty cheap accountant that speak Cantonese and need to sign thousands of companies to audit, so it won't spend much on yours.

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[JackAlabama]

GiGoGo said:
As HK doesn't need to play nice any more I'm confident there would be a lot of new rules to make HK a great place for privacy and bank secrecy again. Right not they stopped collaborating with US, UK, Canada and Australia authorities since last summer.
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Wow that is an interesting news and turn.

I am a long time fan of HK and been there many times for having good times.
So, do you think HK is still a good place or becoming an even better place for banking as it is now?

 

[Golden Fleece]

So everyone is happy because the inexorable march toward the slavery of over seven million people will help you hide some money from the tax authorities? It seems that human nature never changes.

 

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Golden Fleece said:
slavery of over seven million people
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Slavery is the total amount of taxes you need to pay in Europe 50-70%

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[Clip]

https://www.ft.com/content/7faeb2fe-44e7-468b-9ef1-05def97245ef
To read without paywall install the "Bypass Paywall Clean" extension.

The best part is:

Under the proposed rules, the Hong Kong government would not require companies to reveal home addresses, passport or identification numbers of their directors on public registers. Without this information, directors could use different versions of their name in different languages on a range of documents and entities.
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So you as western can register yourself with a Chinese name and nobody will know that you are behind a company.

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[Golden Fleece]

GiGoGo said:
Slavery is the total amount of taxes you need to pay in Europe 50-70%
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The absurdity of your statement is proven by the fact that anyone in Europe can escape tax slavery by simply moving from their home country, cutting all ties with it, and earning an offshore income. If enough of these voluntary tax "slaves" did that, those European nations would be forced to change their tax policies to prevent mass economic flight. That is something that the vast majority of real slaves in mainland China cannot do, which is a situation that could soon befall the citizens of Hong Kong.

Comparing voluntary tax slavery to real communist slavery highlights your lack of humanity.

 

[rainy]

Golden Fleece said:
The absurdity of your statement is proven by the fact that anyone in Europe can escape tax slavery by simply moving from their home country, cutting all ties with it, and earning an offshore income.
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The absurdity of your statement is proven by the fact that anyone in Hong Kong can escape communist slavery by simply moving from Hong Kong and cutting all ties with it.

Golden Fleece said:
Comparing voluntary tax slavery to real communist slavery highlights your lack of humanity.
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Judging others highlights your lack of humanity.

 

[Golden Fleece]

rainy said:
The absurdity of your statement is proven by the fact that anyone in Hong Kong can escape communist slavery by simply moving from Hong Kong and cutting all ties with it.



Judging others highlights your lack of humanity.
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What a critical thinker. Judging the actions of others is entirely biblical. In fact, the jury systems of Western civilization are built on that concept. The people of Hong Kong cannot lawfully hold dual citizenship and, once fully absorbed by mainland China, will be trapped. That is what communist totalitarians do. Ever heard of the Berlin Wall?

 

[andres33]

GiGoGo said:
That's not a problem, you can get a good accountant that can do whatever you want
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have you some recomendation for accountant or auditing firm?

 

[Martin Everson]

rainy said:
Has it been caused by the fact that the US blacklisted some big bananas from Hong Kong?
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Blacklisted is understatement what the US did. It is straight financial terrorism 😡.

The Chief Executive of Hong Kong Carrie Lam has to be paid in physical cash because of US sanctions. No bank globally and even in HK can offer her an account if they process dollars (which they all do). The banks all have to comply with US extra-territorial sanctions 😕.

https://www.bbc.com/news/world-asia-china-55113149

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Golden Fleece]

Martin Everson said:
Blacklisted is understatement what the US did. It is straight financial terrorism 😡.
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I never defend U.S. overreach, but this is not such a case. The Chinese actions were a clear breach of the Sino-British joint declaration, which guaranteed Hong Kong a high degree of autonomy under Chinese rule. The joint declaration itself does not have an enforcement mechanism to ensure its compliance, so this limits actions to sanctions against individual Chinese leaders or Hong Kong legislators, which is what was done.

 

[Martin Everson]

Golden Fleece said:
I never defend U.S. overreach, but this is not such a case. The Chinese actions were a clear breach of the Sino-British joint declaration, which guaranteed Hong Kong a high degree of autonomy under Chinese rule. The joint declaration itself does not have an enforcement mechanism to ensure its compliance, so this limits actions to sanctions against individual Chinese leaders or Hong Kong legislators, which is what was done.
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What has this got to do with US?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.